Starting a new business entails a lot, and as a budding entrepreneur, this may be overwhelming. Hiring a business lawyer can lift some weight off your shoulders.
All businesses need to abide by the laws of the particular state that they are in, and failure to do so may land you in the wrong books of the authorities. That said, it is only fit for your startup company to hire a reputable business lawyer. While looking to hire one, consider these factors;
Do your research
Do your due diligence and research on some of the best lawyers in town. Online reviews and ratings can be particularly helpful. Scheme through some online reviews and get to know what other people are saying about the business lawyer. A business lawyer with a bad reputation is a red flag; move on to the next!
Check their experience
Seek to find out how long the lawyer has been practicing. When it comes to matters to do with business, you want to find one with enough experience as they will be in a better position to guide you and advise you more about your business.
Have a one on one meeting
Lastly, you will need to have a meeting with the potential business lawyers. You can shortlist at least three or four who you can interview. Ask them a few questions regarding business laws as this will help you gauge if the lawyer is well informed on the same. Also, do not ignore your gut feeling. Keep in mind that you will need to develop a good relationship with them so as to work together in harmony. Find one who has good interpersonal skills and shows great interest in your business venture.
That said, here is why hiring one will be beneficial for your startup:
- Legal advice
Do you want your company to be a sole proprietorship, a Limited Liability Company, or a partnership? All these dynamics may be challenging for you to grasp, but a business lawyer will give you legal advice on the best type of business to go for depending on your business needs.
- Drafting business contracts
The business lawyer will help you draft contracts between you and the employees, suppliers, and customers. Contracts are binding documents present to ensure that in case there is a breach from another party, you won’t be held responsible.
- Help with the taxes
Matters to do with taxation can be a hard nut to crack, even for the in-house accountants. However, with the right business lawyer on your team, they will guide you and enlighten you more about the implications of making certain mistakes when it comes to matters to do with taxes. They can also help you keep your records up to date to avoid issues when an audit is performed.
In order to start on the right foot, it is vital to have a reputable business lawyer on board. While looking for one, be sure to follow the tips mentioned above to enjoy the perks of having them on your team.